- Fed tells banks not to divulge results of "stress test" ahead of earnings (Bloomberg)[question: which exactly SEC regulation is being trampled by this directive?]
- Surprise, surprise: Goldman to seek multi-billion stock offering (WSJ) [how many more banks will offer equity ahead of earnings, and ahead of stress test results?]
- Game of credit cost smoke and mirrors at wells fargo (Housing Wire)
- It's do or die time for world's number 2 economy (Bloomberg)
- Paul Krugman: Making banking boring (NYT)
- The vanishing social security surplus (Angry Bear)
- Equity investors are whistling in the dark (The Economist)
- Is Arthur Sulzberger right for the Times (Vanity Fair)
- Corporate bonds as a directional predictor (WSJ, hat tip David)
- Socialism has failed, capitalism is bankrupt. What comes next? (Guardian)
- Charts: Japan as a model for the US and China (Nomura, hat tip David)
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Edward Liddy, CEO of government-run AIG, still owns more than $3 million of stock in Goldman Sachs, which has pocketed $13 billion or more of the $170 billion federal officials have spent bailing out the ailing Wall Street insurance giant.
Liddy is managing a company that receives taxpayer dollars to pay other financial firms, with Goldman Sachs the top recipient. While there is no reason to believe Liddy is influencing AIG actions to unfairly benefit Goldman, the situation represents a potential conflict of interest that would never be allowed in a government agency, but is permitted in the strange public-private chimeras like AIG spawned in this age of bailouts.
Liddy, according to an AIG spokeswoman, “views his role as CEO in essence as a public service.” Liddy has been charged, in effect, with protecting the unstable American economy and taking care of the taxpayers’ money.
http://tinyurl.com/cdpel4
Sounds about right for the world greatest banana republic
Hobsbawm? Eric Hobsbawm?
He's still taken seriously? WTF is a guy like him doing commenting on the current situation and thinking he has anything of value to add?
The guy was bankrupted 20 years ago when his ideal collapsed around him, even as he attempted to defend it. And today he says the centrally planned economies had "successes"???
Is he still as mad now as he was then?
Capitalism hasn't failed. Polticians have failed capitalism.
The first rule of Stress Test is: you do not talk about Stress Test.
The 2nd rule of Stress Test:
YOU DO NOT TALK ABOUT STRESS TEST.
to this point:
Capitalism hasn't failed. Polticians have failed capitalism.
Capitalism, surely, hasn't failed.
We have failed to protect Capitalism, much as we have failed to protect our own Liberty, by electing Representatives to be Vigilant for us.
Some things, as we once knew, cannot be Outsourced.
We shall, hopefully soon, be reminded again.
~~
Past that, yon' Durden, you've done well, by doing Good.
Your weblog is one, of the many, Gales of Fresh Air we'll need to air out the stench of corruption from our, several, Capitals.
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